Term life insurance from £5 per month for up to £90,000*
Term life insurance covers you for a fixed period, known as the term. If you die during that time, the policy pays a lump sum to your loved ones. After the term ends, cover stops.
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What is term life insurance?
Term life insurance gives you life cover for a fixed period, known as the term, such as five, ten or 25 years. If you die during that agreed period, your policy pays out a lump sum. In general, life insurance pays either a lump sum or regular payments on your death, giving your dependants financial support after you've gone.
If you're still alive when the term ends, the cover stops and nothing is paid out. A pure protection policy pays out only on death or incapacity due to injury, sickness or infirmity, and has no surrender value to cash in.
Life insurance is suitable if you have dependants such as school-age children, a partner who relies on your income, or funeral costs you want your loved ones to cover. You might choose not to get it if you have no dependants, you're single, or your partner earns enough for your family to live on. It also may not suit you if you're on a low income and could qualify for State benefits.
Many good policies include a terminal illness benefit, which lets you make an early claim if you're diagnosed with an illness where your life expectancy is under 12 months.
Life insurance pays out when you die — not when you lose your income due to illness or disability. For serious illness, critical illness cover pays a tax-free one-off payment that can help with your treatment, mortgage, rent or home changes. Income protection typically pays 50% to 65% of your income if you're unable to work, until you start working again, retire, die or reach the end of the term.
Types of term life insurance
All four types of term cover pay out if you die during the policy term. What changes is whether the payout stays flat, falls over time, rises with inflation, or pays a regular income.
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Level termThe payout stays the same throughout the term. It suits interest-only and repayment mortgages, and is commonly used for an interest-only mortgage. Read more about level term life insurance.
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Decreasing termThe cover reduces each year and is designed for repayment mortgages, where the outstanding loan also decreases over time. It usually costs less than level term. Another form of decreasing cover, gift inter vivos insurance, can cover potential Inheritance Tax on a gift if the giver dies within seven years. Read more about decreasing term life insurance.
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Increasing termBoth your cover and your premiums increase during the term of the policy. This can be used to keep in line with inflation or to cover an increasing debt.
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Family income benefitInstead of a lump sum, the policy makes regular payments to your dependants if you die during the term. Read more about family life insurance, or check the total payout for your figures with our family income benefit calculator.
Things to know before you compare
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Single or joint coverYou can take out cover on your own or jointly with someone else, such as a partner on a joint mortgage. A joint policy is usually more affordable than two single policies, which pay out on each death, but joint cover pays out only on the first death. After that, the policy ends and the survivor needs a new policy to stay covered. See joint life insurance.
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Guaranteed or reviewable premiumsWith level cover, your premiums are fixed unless the policy is reviewable. Reviewable policies tend to be cheaper to buy, though the insurer can change your payments at review. On decreasing cover with guaranteed premiums, Nationwide notes your monthly payments stay the same even as your cover falls.
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Answer every question carefullyBy law, you must take reasonable care not to make a misrepresentation to the insurer. Most claims are successful, and insurers check your medical history when you make a claim. If you didn’t answer truthfully or accurately, or didn’t disclose something asked for, they might not pay out.
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Think about a trustWriting a policy in trust means its value isn’t considered part of your estate. As a result, the payout can be paid outside of probate and inheritance tax. See life insurance in trust.
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Waiver of premiumYou can pay extra to add waiver of premium to your policy. Your premiums will then be paid automatically if you can no longer work due to accident or illness.
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30 days to change your mindYou have 30 days from buying a life policy to change your mind and get a full refund. For a pure protection contract, the 30-day cancellation window starts when you’re informed the contract is concluded, and you can cancel without penalty or giving a reason.
How much cover do you need?
The amount of cover you need depends on your debts, your mortgage or rent, your take-home pay, your day-to-day living costs and how many dependants you have. Start by listing what your family would need paid off or replaced:
- Your mortgage balance or the rent your family would need to pay
- Any other debts, such as personal loans or credit cards
- Your take-home pay or other income, and how many years your dependants would need it
- Day-to-day living costs and future expenses such as childcare
Check what cover you already have through work. Employee packages often include death in service benefits that provide cover linked to your salary. That cover stops if you leave the employer.
With decreasing cover for a mortgage, Legal & General and Nationwide say to check that your mortgage interest rate doesn't exceed the interest rate applied to your policy. Legal & General also notes a policy may not completely pay off your mortgage unless you adjust your cover amount to match any new mortgage arrangements.
If you can't afford to get cover for everything you want to protect, think about your priorities or consider a lower level of cover. Some protection might still be better than none, and our life insurance calculator can help you work out a figure.
How long should the term be?
Pick a term that lasts until your mortgage is cleared or your children are financially independent. Most mortgages currently offered are repayment mortgages, where the amount you owe gets smaller every month and is repaid at the end of the term — usually 25 years. See mortgage life insurance for how to match your policy to a home loan.
Your life policy is separate from the mortgage itself. Legal & General’s Decreasing Life Insurance still pays a valid claim during the term, even if the mortgage is paid off.
Each insurer sets its own minimum and maximum term lengths and maximum end ages:
- Aviva’s Life Insurance Plan runs for 1 to 50 years and must end before the oldest person covered turns 91.
- Beagle Street’s direct policies run for 5 to 40 years, stopping before the oldest life assured’s 90th birthday for Life Insurance (or 80th birthday with critical illness).
- Guardian’s Level and Increasing Cover runs for 1 to 72 years up to age 90, and Royal London’s Life Cover also allows terms of 1 to 72 years.
- Legal & General’s Life Insurance runs for 1 to 50 years (maximum buying age 77) and must end before age 90.
- The Exeter’s Real Life cover runs for 5 to 50 years and must end before your 90th birthday.
- Zurich’s Life Protection Life Cover accepts ages 18 to 83 for terms of 1 to 50 years, ending by age 89.
If you're comparing options in your 60s, life insurance for over 60s explains how age limits affect term, whole of life and over 50s plans.
Insurers that offer term life insurance
These are the insurers we have reviewed that sell term life insurance. Each row names one of the insurer’s term policies, whether it offers level or decreasing cover, the ages you can apply at and how long the policy can run. The insurer’s name links to the policies section of our review.
The Defaqto column shows the star ratings Defaqto gives the insurer’s products in its level term life insurance category, on a scale of 1 to 5 stars. Where an insurer has several rated products the range is shown, and it can include policies sold only through advisers or with critical illness cover.
| Insurer | Term life policy | Cover | Age to apply | Policy length | Defaqto (level term) |
|---|---|---|---|---|---|
| Assura Protect | Dividend Term Life | Level or decreasing | 18–69 | 5–50 years | 3 stars |
| Aviva | Life Insurance Plan | Level or decreasing | 18–77 | 1–50 years | 2 to 5 stars |
| Bank of Scotland | Scottish Widows Plan & Protect Life Cover | Level online; level or decreasing by phone | 18–59 online | From 5 years, ending before age 70 | 2 stars |
| Barclays | Simple Life Insurance; Life insurance for mortgage protection | Level (Simple Life Insurance); level or decreasing (mortgage protection) | 18–74 | 5–50 years | 3 stars |
| Beagle Street | Life Insurance | Level or decreasing | 18–77 | 5–40 years | 3 to 5 stars |
| Best Insurance | Best Insurance Life Insurance | Level or decreasing | 18–60 | 5–40 years | 2 stars |
| Blueberry Life | Blueberry Life Insurance | Level or decreasing | 18–65 | 5–40 years | 3 stars |
| Co-op Insurance | Life Insurance; Decreasing Life Insurance | Level or decreasing | 18–77 (18–74 decreasing) | 1–50 years (5–50 decreasing) | No Defaqto level term rating found |
| Forester Life | Personal Insurance; Mortgage Protection | Level (Personal Insurance); level or decreasing (Mortgage Protection) | Under 80 at the start | From 5 years, up to age 85 | 3 stars |
| Guardian | Life Protection; Life Essentials | Level or decreasing | 18–64 | 1–72 years (5–72 decreasing) | 5 stars |
| Halifax | Scottish Widows Plan & Protect Life Cover | Level online; level or decreasing by phone | 18–59 online | 5–40 years, up to age 69 | 2 stars |
| Legal & General | Life Insurance; Decreasing Life Insurance | Level or decreasing | 18–77 (18–74 decreasing) | 1–50 years (5–50 decreasing) | 4 to 5 stars |
| Lloyds Bank | Scottish Widows Plan & Protect Life Cover | Level online; level or decreasing by phone | 18–59 | From 5 years, ending before age 70 | 2 stars |
| LV= | Life Protection | Level or decreasing | 17–84 | 5–50 years | 3 to 5 stars |
| National Friendly | Friendly Life Cover (through advisers) | Level or decreasing | 18–77 | 5–50 years | 3 stars |
| Nationwide | Family life insurance; mortgage life insurance | Level (family); decreasing (mortgage) | 18–77 (18–74 decreasing) | 1–50 years (5–50 decreasing) | 3 stars |
| NatWest | Life Insurance Plan | Level or decreasing | 18–77 | 1–50 years | 3 stars |
| NFU Mutual | Aviva Life Insurance+ (Term Assurance) | Level or decreasing | 18–89 | 1–50 years | 5 stars |
| Octopus Legacy | Octopus Legacy Life Insurance | Level | 18–60 | From 5 years; the maximum depends on age | 2 stars |
| Post Office | Post Office Life Insurance | Level or decreasing | 18–70 | 5–40 years | 3 stars |
| Royal Bank of Scotland | Life Insurance Plan | Level or decreasing | 18–77 | 1–50 years | 3 stars |
| Royal London | Personal Menu Plan Life Cover (through advisers) | Level or decreasing | 18–88 | 1–72 years | 3 to 5 stars |
| Sainsbury’s | Life Insurance; Decreasing Life Insurance | Level or decreasing | 18–77 (18–74 decreasing) | 1–50 years (5–50 decreasing) | 4 stars |
| Santander | Life Insurance Plan | Level or decreasing | 18–77 | 1–50 years | 3 stars |
| Scottish Widows | Scottish Widows Protect; Plan & Protect | Level or decreasing (Scottish Widows Protect); level (Plan & Protect) | 18–79 (Scottish Widows Protect); 18–59 (Plan & Protect) | From 1 year, or 3 years for decreasing cover (Scottish Widows Protect) | 2 to 5 stars |
| Smart Insurance | Smart Family Life Insurance (Level option) | Level | 18–64 | 10–40 years | 3 stars |
| Tesco Insurance | Tesco Life Insurance: Family Protection or Mortgage Protection | Level or decreasing | 18–77 | 1–50 years | 3 stars |
| The Exeter | Real Life | Level or decreasing | 18–80 | 5–50 years | 5 stars |
| TSB | Life Insurance; Decreasing Life Insurance | Level or decreasing | 18–77 (18–74 decreasing) | 1–50 years (5–50 decreasing) | 4 stars |
| Ulster Bank | Life Insurance Plan | Level or decreasing | 18–77 | 1–50 years | 3 stars |
| Virgin Money | Family & Lifestyle Life Insurance | Level or decreasing | 18–77 | 5–40 years | 3 to 5 stars |
| Vitality | Personal Protection Plan: Term Life Cover | Level or decreasing | 16–74 | 5–70 years | 5 stars |
| Zurich | Zurich Life Protection | Level or decreasing | 18–83 | 1–50 years | 3 to 5 stars |
Listed alphabetically, not ranked. Compiled on 3 October 2026 from each insurer’s published information, checked on 24 September 2026, 25 September 2026 and 3 October 2026. The documents behind each row are listed in our review of that insurer. Each row shows one term policy; the review has the insurer’s other policies, cover limits and conditions. A dash in the Defaqto column means we found no Defaqto level term rating for the insurer.
Term or whole of life insurance?
Term cover protects a fixed period, whereas whole of life insurance (also known as life assurance) covers you for your entire life. Whole of life policies pay out no matter when you die, as long as you keep up with your premium payments. However, they're typically more expensive than shorter-term policies.
With a whole of life policy, if you live longer than you expected, you could end up paying more in than you'll get out. Some whole of life policies are reviewed every five or ten years, and premiums can rise and become unaffordable. Other whole of life plans invest your premiums and build up a cash value that you may be able to withdraw or borrow against.
Term cover fits needs with an end date, while whole of life policies are often used for Inheritance Tax planning. Our guide to term vs whole of life insurance compares both options in detail.
If you're over 50, over 50s life insurance guarantees to pay out when you die. However, these policies aren't always good value, as you could end up paying in much more than you get out.
Pros of term life insurance
- Covers the specific years when your family relies on your income or mortgage payments
- You can match the payout style — level, decreasing, increasing or regular income — to what you are protecting
- Typically costs less each month than a whole of life policy for the same cover amount
- You can add optional extras such as waiver of premium or claim early under terminal illness benefit where included
Cons of term life insurance
- Pays out nothing if you are still alive when the policy term ends
- Has no cash-in value if you cancel after the 30-day cooling-off period
- With level cover, inflation reduces what a fixed lump sum will buy over a long term
- Buying a new policy after your term expires means applying at an older age
What affects the price of term life insurance?
Your monthly premium depends on your personal circumstances, your health and the policy you choose. Insurers need a detailed picture of your health, lifestyle, and personal and family medical history to put the right cover in place at a fair price. Your monthly payments depend on factors such as:
- Your age and your health
- Your lifestyle and whether you smoke
- Your family medical history
- The length of the policy
- Your occupation, as a high-risk job might push your premiums up
If you smoke or use nicotine products, see life insurance for smokers. Under the Code on Genetic Testing and Insurance, insurers don't ask for or use predictive genetic test results. The one exception is a Huntington's disease test, for life cover over £500,000.
Premiums can vary, so it's worth shopping around and comparing different quotes. Most mortgage providers offer life insurance automatically when you take out a mortgage, but you might be able to find a better deal elsewhere. For sample prices published by insurers, see our guide to the cost of life insurance.
Some insurers include a gift card when you buy direct. Offers change often, so check the terms of any offer before you buy.
See life insurance with a free gift for details, and read how to find the best life insurance for you to compare what else matters.
From £10 per month for up to £280,000*
Example cover amounts by age, for level term cover.
- Age 30 · 20 yrs
- £289,847
- Age 35 · 20 yrs
- £173,440
- Age 40 · 15 yrs
- £123,428
- Age 45 · 15 yrs
- £81,616
- Age 50 · 10 yrs
- £59,917
- Age 55 · 10 yrs
- £34,029
- Age 60 · 10 yrs
- £18,089
- Age 65 · 10 yrs
- £11,689
- Age 70 · 10 yrs
- £7,068
*From £10 per month for up to £280,000 is an example based on the following pricing illustrations. £10 per month Life Insurance quoted rates are based on level term life cover for non-smokers with no pre-existing medical conditions or other high risk factors. Individual factors and medical underwriting will be assessed which may vary the premium and sum assured you are eligible for or may result in you being declined. Correct as on 2nd February 2026.
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From £5 per month for up to £90,000*
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Term life insurance questions
Yes. Several insurers offer term policies starting from one year, while others start at five years. Check the insurer table above for each company’s term limits, or see our guide to short term life insurance.
Whole of life policies are typically more expensive than shorter-term policies. That’s because whole of life cover pays out whenever you die, whereas term life cover only pays out if you die during the fixed term.
It isn’t a legal requirement to have life insurance when you get a mortgage, although some lenders may consider it a condition of lending you the money. You might also choose to get it so your dependants have enough money to keep your home when you die. See mortgage life insurance.
No. With an interest-only mortgage, you pay only the interest each month and repay the full capital at the end of the term. Decreasing cover is used for a repayment mortgage, where it clears the reducing loan as long as all mortgage repayments are made.
Since 6 April 2013, your insurer must ask all the relevant questions they need before you take out, renew or change a policy. If it wants a medical report from your doctor, it must notify you first and get your consent. Under the Access to Medical Reports Act 1988, you have the right to see the report and ask your doctor to amend anything you consider incorrect or misleading.
On a single life policy, the money goes into your estate, so you need to decide who it goes to. If you don’t name a beneficiary, the proceeds are paid into your estate, which can take a long time and could be subject to inheritance tax. On a joint policy, the money goes to the surviving policyholder unless you made alternative arrangements.
Yes. By law, life insurance has a 30-day cooling-off period, compared with a minimum of 14 days for other insurance. After that, there are usually no cancellation fees, so you just stop paying, though you won’t get back any premiums you’ve already paid.
To qualify for Financial Services Compensation Scheme (FSCS) protection, the failed insurer must have been regulated by the Prudential Regulation Authority (PRA). Once the insolvency practitioner accepts the claim, the FSCS repays term life insurance claims in full. This 100% protection applies where the firm failed on or after 3 July 2015.
This page is for general information only and should not be considered financial advice. The right cover depends on your personal circumstances.
Sources
The facts on this page come from these sources.
- MoneyHelper: What is life insurance? (opens in a new tab); How to know what kind of protection insurance you need (opens in a new tab); What is critical illness cover? (opens in a new tab); What is income protection insurance? (opens in a new tab); Interest-only and repayment mortgages explained (opens in a new tab); Ways of repaying an interest-only mortgage (opens in a new tab) · moneyhelper.org.uk, accessed 26 September 2026.
- Association of British Insurers: Term insurance (opens in a new tab); Whole of life cover (opens in a new tab); Access to medical reports (opens in a new tab) · abi.org.uk, accessed 26 September 2026.
- Financial Conduct Authority: FCA Handbook Glossary: pure protection contract (opens in a new tab); ICOBS 7.1 The right to cancel (opens in a new tab); ICOBS 7.2 Effects of cancellation (opens in a new tab) · handbook.fca.org.uk, accessed 26 September 2026.
- Barclays: Life insurance for mortgage holders (opens in a new tab) · barclays.co.uk, accessed 26 September 2026.
- Santander UK: Mortgage life insurance (opens in a new tab) · santander.co.uk, accessed 26 September 2026.
- Nationwide Building Society: Mortgage life insurance (opens in a new tab) · nationwide.co.uk, accessed 26 September 2026.
- legislation.gov.uk: Consumer Insurance (Disclosure and Representations) Act 2012, section 2: Disclosure and representations before contract or variation (opens in a new tab); Access to Medical Reports Act 1988, section 3: Consent to applications for medical reports for employment or insurance purposes (opens in a new tab); Access to Medical Reports Act 1988, section 1: Right of access (opens in a new tab); Access to Medical Reports Act 1988, section 5: Consent to supplying of report and correction of errors (opens in a new tab) · legislation.gov.uk, accessed 26 September 2026.
- Legal & General: Decreasing Life Insurance (opens in a new tab) · legalandgeneral.com, accessed 26 September 2026.
- Defaqto: Defaqto Star Ratings (Life & Protection) for Aviva (opens in a new tab) · defaqto.com, accessed 24 September 2026.
- GOV.UK: Code on Genetic Testing and Insurance (opens in a new tab) · gov.uk, accessed 26 September 2026.
- Department of Health and Social Care and Association of British Insurers: Code on Genetic Testing and Insurance (PDF, updated March 2026) (opens in a new tab) · assets.publishing.service.gov.uk, accessed 26 September 2026.
- Citizens Advice: Your insurer refuses your claim when you don’t give relevant information (opens in a new tab); Cancelling an insurance policy (opens in a new tab) · citizensadvice.org.uk, accessed 26 September 2026.
- Financial Services Compensation Scheme: Insurance (what FSCS covers) (opens in a new tab) · fscs.org.uk, accessed 26 September 2026.
- Insurer documents: Aviva, Beagle Street, Guardian, Legal & General, Royal London, The Exeter, Zurich. Each insurer’s policy documents, claims figures and announcements are listed in our review of that insurer.
More guides
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Terminal illness cover
What terminal illness cover is, when it pays out early on a life policy and how to claim.
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Waiver of premium
What waiver of premium means, when it pays your premiums, the definitions insurers use and what to check before you add it.
Related pages
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Level term life insurance
The payout stays the same for the whole term.
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Decreasing term life insurance
The payout falls over the term, often in line with a mortgage.
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Whole of life insurance
Lifelong cover and how it differs from term cover.
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Joint life insurance
One policy for two people, compared with two single policies.
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Mortgage life insurance
Match your cover to your mortgage and protect your home.
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Life insurance in trust
How a trust works and how it can affect the payout.
